Part 1 book “Macroeconomics” has contents: The science of macroeconomics, the data of macroeconomics, money and inflation, national income - where it comes from and where it goes, the open economy, unemployment, the economy in the very long run, and other contents. | MACROECONOMICS This page intentionally left blank S E V E N T H E D I T I O N MACROECONOMICS N. GREGORY MANKIW Harvard University Worth Publishers Senior Publishers: Catherine Woods and Craig Bleyer Senior Acquisitions Editor: Sarah Dorger Senior Marketing Manager: Scott Guile Consulting Editor: Paul Shensa Senior Development Editor: Marie McHale Development Editor: Jane Tufts Assistant Editor, Media and Supplements: Tom Acox Associate Managing Editor: Tracey Kuehn Project Editor: Dana Kasowitz Art Director: Babs Reingold Cover and Text Designer: Kevin Kall Production Manager: Barbara Anne Seixas Composition: TSI Graphics Printing and Binding: RR Donnelley Cover art: Barbara Ellmann WHAT’S YOUR ANGLE? Encaustic on Wood Panel 24'' x 24'' © 2005 Library of Congress Cataloging-in-Publication Number: 2009924581 ISBN-13: 978-1-4292-1887-0 ISBN-10: 1-4292-1887-8 © 2010, 2007, 2003 by N. Gregory Mankiw All rights reserved. Printed in the United States of America First Printing 2009 Worth Publishers 41 Madison Avenue New York, NY .